In microeconomic theory‚ the opportunity cost of a choice is the value of the best alternative forgone‚ in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made‚ it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative
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is ‘equality of opportunity’? “Equality of opportunity is a political ideal that is opposed to caste hierarchy but not to hierarchy per se” (Arneson) The rational behind this political ideal is that society is uneven‚ with privileges‚ standing and potential for success being heavily influenced by many different factors predetermined by birth. The political ideal places an individual in any given rung of social hierarchy as a result of their background. Equality of opportunity calls on a ‘fairness
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resources is one of the more basic concepts of economics. Scarcity needs trade-offs‚ and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms‚ the opportunity cost of a decision is based on what must be given up as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost‚ scarcity and trade-off are important in our daily life because it affects us every day in different
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Opportunity of a lifetime The metaphor‚ “When one door closes‚ another opens” is a famous quote by Alexander Graham Bell. When one door closes‚ this finishes the chapter of one aspect of their life. When another door opens‚ becomes an opportunity to start something new. An alternative metaphor that I’ve chosen is “If an opportunity doesn’t knock‚ build a door” presents as an opportunity waiting to happen. But one must work hard for the opportunity and should not expect the reward to happen easily
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Apa sih opportunity cost? Untuk yang pernah belajar ekonomi pasti kenal baik dengan istilah ini‚ tapi buat yang lain‚ opportunity cost is : "...the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity)‚ or the most valuable foregone alternative." (Dictionary.LaborLawTalk.com) Kalau diterjemahkan adalah suatu biaya dari hilangnya suatu kesempatan dalam menggunakan sumber daya tertentu. Kalau kita melihat waktu sebagai sumber daya
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Opportunity cost Have you ever been in the situation deciding which cloth to buy? Have you ever facing the dilemma of to study or to play? Have you ever consider as a seller and choose to lower the price or raise it? In the field of economics‚ here’s a solution for you. The magic word is “opportunity cost”. Opportunity cost in terms of economy is the highest-value alternative one has to give up to engage in an activity. In other words‚ using the same resources such as money and time‚ the best
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Date: 19 October 2011 Subject: New product report --- Bakerlicious shop Breakfast is the building block of our health‚ especially for the teenagers. A fresh and delicious breakfast definitely helps offer essential daily energy and boost working efficiency. However‚ only little choices of breakfast are provided in Chinese University of Hong Kong‚ which certainly reveal a golden market opportunity for the opening of bakery shop. Description of the products and services Fresh breads with distinct
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United States of America Land of Opportunity? United States of America is known as the land of opportunity for many immigrants who dare to dream of a better life. Since the beginning of American history‚ United States has focused more about equal opportunity than any other country. There are many people who strongly believe that once they come to the United States it is almost guaranteed to find success. For example‚ my relatives in Korea always ask my parents how much my family has earned so far
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Image Ten [Opportunity Statue] In chapter ten of Habitudes‚ Dr. Tim Elmore talks about how we have to manage our time and manage the opportunities that come our way. We only have “86‚400 seconds each day to use or abuse.” Elmore talked about the statue called Opportunity. He has hair on the front of his face‚ but he is bald in the back. This illustrates how we have to grab the opportunities when they are coming at us because once they pass there is nothing left to grab on to. Elmore mentioned
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In this coffee shop industry there are many competitive big and small out there but the one route to take when starting a business is to plan ahead. Putting the four P components of the marketing mix product‚ price‚ place and promotion will help get your company it needs to be. Tim’s Coffee Shop is in a great area according to the customers that come‚ it is in a college community where this a lot of student that drink coffee to stay awake to study‚ young couples that like to go out on a date and
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